No BP Egypt asset acquisition deal for SDX Energy

Created: Monday, 22 October 2018 07:30

BP was on the hunt for buyers for a stake in its Egyptian oil and gas business. (Image source: Mike Mozart/Flickr)SDX Energy, which focuses on North African oil and gas projects, has announced that talks to buy some of BP’s Egyptian assets have been abandoned

It had been reported earlier this year that BP was on the hunt for buyers for a stake in its Egyptian oil and gas business, which was estimated to be worth around US$500mn.

SDX has requested the restoration of trading on AIM and the TSX Venture Exchange.

In a statement, SDX chief executive Paul Welch said: “Discussions regarding its proposed acquisition of a significant package of assets in Egypt from BP have been terminated by mutual agreement.”

He described the abandonment of the deal as “disappointing”. An update from SDX said that the company continues, in line with its stated strategy, to review and pursue inorganic growth opportunities across its areas of operations in North Africa”.

“It was an exciting opportunity but ... we are screening potential deals all of the time and we know that there will be others that will serve to fast track our stated goal to be a North Africa-focused (E&P company) of scale,” Mr Welch added.